REG - Mineral & Financial - Quarterly Net Asset Value Update

Mineral & Financial InvestmentsAnnouncement

05/07/2022 07:00

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RNS Number : 2765R  Mineral & Financial Invest. Limited  05 July 2022

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Unaudited Quarterly Net Asset Value per Share was 19.6p (as at 31 March 2022,
Q3-2022), up 14.6% year on year.

 

Highlights

·    NAVPS was 19.6p as at March 31, 2022, an increase of 14.6% yr/yr

·    NAV was up £928,598, or 15.4% yr/yr to £6,940,482 as on March 31,
2022

·    Unaudited EPS was 1.35p for the Q3-2022 period

·    M&FI continues to outperform its benchmarks

·    Cash Position was increased by an additional US$1.0M on May 25, 2022

 

George Town, Cayman Islands - 4 July 2022 - Mineral and Financial Investments
Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is pleased to
provide an unaudited quarterly update of its financial performance and its Net
Asset Value for the quarter ending March 31, 2022. At the end of the third
quarter, the NAV was £6,940,482, up 15.4%, from £6,011,884 one year ago. The
Net Asset Value Per Share was 19.57p at the end of the Q3-2022 period, up
15.4% year over year. Unaudited gross profit for the quarter was £715,335 and
the net profit was £477,646 or 1.35p on a fully diluted basis for the quarter
ending March 31, 2022. The Company's working capital at the period end was
£7,033,482 1  (#_ftn1) .

The following is a summary of the NAV, updated to include this unaudited NAV
calculation:

NAV SUMMARY OF HISTORICAL PERFORMANCE

(Table 1)

 Net Asset Value                     £2,536,875   £4,832,434   £5,333,187   £6,011,884   £6,940,482   15.4%   27.8%
 NAVPS 2  (#_ftn2) (FD)              7.2p         13.6p        15.1p        17.1p        19.6p        14.6%   28.2%
 FTSE 350 Mining Index               17,259       20,000       13,373       21,911       10,926       -50.1%  -10.8%
 GS Commodity Index                  452.9        434.1        261.5        467.4        724.2        54.9%   12.4%
 Baker Steel Natural Resource Trust  56.95        57.90        67.30        97.40        97.50        0.1%    14.4%

 

The Company's year-on-year NAVPS growth of 14.6%, although still creditable,
was lower than the average NAVPS growth of 28.2% (CAGR) since March 2018. The
period captured the initial impact of the conflict in Ukraine which was very
challenging for markets overall; additionally global interest rates increased
in an effort to curtail the growth in inflation. The cash component was
significantly increased with the payment of US$1.0m on May 25, 2022 by our
partner Ascendant Resources as part of the earn-in agreement on Redcorp
Empreedimentos Lda.

PORTFOLIO COMPOSITION

(Table 2)

 Cash                 £90,204      1.3%
 Precious Metals Cos  £3,564,886   49.8%
 Base Metals Cos.     £3,004,643   42.0%
 Energy Cos.          £122,683     1.7%
 Technology Cos.      £282,107     3.9%
 Diamond miners       £88,811      1.2%
                      £7,153,334   100%

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
is now considered to be in the public domain.

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments
Ltd.                        +44 780 226 8247

Katy Mitchell and Ben Good, WH Ireland Limited
                        +44 207 220 1666

Jon Belliss, Novum Securities
Limited
            +44 207 382 8300

 1  (#_ftnref1) Current Assets of £7,174,195 less Current Liabilities of
£140,713= Working Capital of £7,033,482

 2  (#_ftnref2) The NAV calculation is subject to audit and is made on the
basis that the Company has 35,465,395 shares. O/S (basic AND FD) in issue.

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